Buying or renting? Which one will you choose? To choose whether to buy a house permanently or to rent it out can be a difficult choice. Majority in this world likes to have a shelter of their own but their situations and conditions may not allow them to have it at that moment. That is when everyone tries to rent a place to stay.
Buying or renting a place depends on people, their financial backgrounds, circumstances, and also on how long they wish to stay at a place. Each process involves its own procedures and struggles. We cannot really differentiate which one is better and which one you should opt for. It truly depends on the situation you are in at that very moment. For people who like to explore new places renting a house will be the best option. They can move out anytime. They won’t be having any trouble with moving around since they are renting it for a short period of time. At the same time, people who do not wish to move around would obviously buy a house of their own and they will have the entire responsibility of the property.
Both buying and renting have benefits and limitations. Let us look into some of the pros and cons of both the elements in this section.
Pros of buying
- Permanent residence
If you buy a house you will feel more secure and comfortable because you own the place and nobody is there to boss you around with any silly things. You can be yourself and do things that make you happy and satisfied.
- More benefit from reselling
You can also resell the property in future if you wish to do so. You can make more profit while reselling it in the market. Using techniques like home staging will help you to earn more money for the property.
Cons
- Unpredictable charges
Having your own place can also mean unpredictable charges. You will have to allocate money for maintenance or any other such risks that come your way unexpectedly.
- Difficult to shift
You might find it difficult to shift because you have to find a new place to stay. Advertising the property in the market and selling it for an appropriate price will take some time. It depends on the market trends and you will have to wait until it is sold to move out of the place.
Pros of renting
- Less responsibility
Since you are renting the property from someone, the responsibility will be little less compared to owning your own house. You can ask the house owner to take responsibility for maintenance. He/she will fix the problem for you.
- Easy to move out
It will not be difficult to move out quickly since you are paying the rent monthly. You do not have to wait for anything before moving to some other place. You can easily terminate the contract depending on your convenience.
Cons
- No right for renovating the place
Since you do not own the property, you won’t be able to do any renovation work there. Even if you wish to make changes to the arrangements or interior you will have to consult with the landlord beforehand.
- Rules and regulations
You have to follow certain rules and regulations set up by the landlord. Sometimes, you may not be allowed to have pets in the house. The situations can vary, depending upon the interest of landlords. You will be indirectly dependent on the landlord for many things.
Buying and renting have both short term and long term advantages and disadvantages. You can either decide to buy or rent a property depending upon your financial situations and convenience.
